Checchi Capital Advisers LLC lowered its stake in Paychex, Inc. (NASDAQ:PAYX) by 6.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,202 shares of the business services provider’s stock after selling 380 shares during the period. Checchi Capital Advisers LLC’s holdings in Paychex were worth $306,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of PAYX. Princeton Alpha Management LP bought a new stake in shares of Paychex during the first quarter valued at about $526,000. HPM Partners LLC bought a new stake in shares of Paychex during the first quarter valued at about $2,615,000. Henderson Group PLC increased its stake in shares of Paychex by 1.9% in the first quarter. Henderson Group PLC now owns 43,525 shares of the business services provider’s stock valued at $2,563,000 after buying an additional 800 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Paychex by 26.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 67,788 shares of the business services provider’s stock valued at $3,993,000 after buying an additional 14,069 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Paychex by 14.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 390,473 shares of the business services provider’s stock valued at $23,127,000 after buying an additional 49,497 shares in the last quarter. 68.51% of the stock is owned by institutional investors.
Shares of Paychex, Inc. (PAYX) traded up 0.61% on Friday, hitting $61.10. 3,323,116 shares of the stock were exchanged. Paychex, Inc. has a 1-year low of $52.78 and a 1-year high of $63.03. The stock has a market cap of $21.95 billion, a price-to-earnings ratio of 27.77 and a beta of 0.96. The stock’s 50-day moving average is $58.72 and its 200-day moving average is $59.91. Paychex also was the recipient of unusually large options trading activity on Tuesday. Traders purchased 8,805 call options on the stock. This represents an increase of approximately 1,481% compared to the typical volume of 557 call options.
Paychex (NASDAQ:PAYX) last posted its earnings results on Wednesday, March 29th. The business services provider reported $0.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. Paychex had a net margin of 25.75% and a return on equity of 42.04%. The firm had revenue of $795.80 million during the quarter, compared to analyst estimates of $799.08 million. During the same quarter in the prior year, the business posted $0.50 EPS. The business’s revenue was up 5.7% compared to the same quarter last year. Analysts forecast that Paychex, Inc. will post $2.23 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 25th. Stockholders of record on Wednesday, May 10th were paid a $0.46 dividend. The ex-dividend date of this dividend was Monday, May 8th. This represents a $1.84 annualized dividend and a dividend yield of 3.01%. Paychex’s payout ratio is 85.58%.
Several equities research analysts have recently issued reports on the stock. Wedbush reissued a “neutral” rating and set a $61.25 price objective (down previously from $65.00) on shares of Paychex in a research report on Tuesday, June 6th. BMO Capital Markets decreased their target price on shares of Paychex from $61.00 to $60.00 and set a “market perform” rating for the company in a research report on Thursday, March 30th. Finally, Jefferies Group LLC reaffirmed a “sell” rating and issued a $50.00 target price on shares of Paychex in a research report on Tuesday, March 21st. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Paychex has a consensus rating of “Hold” and a consensus price target of $58.85.
In related news, Director Grant M. Inman sold 10,654 shares of the stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $57.75, for a total transaction of $615,268.50. Following the completion of the transaction, the director now owns 32,514 shares in the company, valued at $1,877,683.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Jennifer R. Vossler sold 10,000 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $58.76, for a total transaction of $587,600.00. Following the transaction, the vice president now owns 33,483 shares of the company’s stock, valued at approximately $1,967,461.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,654 shares of company stock valued at $3,827,829. Company insiders own 11.60% of the company’s stock.
Paychex, Inc is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services.
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